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The private capital industry has grown and changed immensely since Preqin began tracking it in 2003. The range of fund strategies has widened as managers and LPs target has new areas to generate alpha; sectors such as private debt, infrastructure and natural resources, all once considered subsets of private equity, have grown and evolved into discrete asset classes. Meanwhile, industry terminology has struggled to keep pace, and 'private equity' has acquired interpretations varying from buyout funds specifically to closed-end private funds generally.
Source : Preqin
